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REPORT 



OF THE 



SECRETARY AND TREASURER 



OF 



The ploflsh jft&te Improvement! (lo.. 



March 31st, 1889. 



This Report is made for the information of the 
Stockholders, and is not printed for general distribution. 



GREENSBORO : 

Thomas Brothers, Job Printers. 

1889. 



REPORT 



OF THE 



SECRETARY AND TREASURER 



OF 



The florth State InjproVement Co, 



March 31st, 1889. 



This Report is made for the information of the 
Stockholders, and is not printed for general distribution. 



GREENSBORO : 

Thomas Brothers, Job Printers. 

1880. 



i 

Jo 
4 



Officers of the Company. 



J NO. D. WILLIAMS. 

PRESIDENT. 

JULIUS A. GRAY, 

VICE-PRESIDENT. 

R. PERCY GRAY, 

SECRETARY AND TREASURER. 

ROGER P. ATKINSON, 

CHIEF ENGINEER. 

ROBERT T. GRAY, 

ATTORNEY. 



DIRECTORS: 



JNO. D. WILLIAMS, - - Fayetteville, N. C. 

JULIUS A. GRAY, - - Greensboro, 

CHAS. P. STOKES, - - Richmond, Va. 

W. A. LASH, - - Walnut Cove, N. C. 

W. A. MOORE, - - Mount Airy, 

J. TURNER MOREHEAD, - Leaksville, 

D. W. C. BENBOW, - - Greensboro, 



Executive and Finance Committee: 



Jno. D. Williams, Chairman. 
Julius A. Gray, J. Turner Morehead, 

W. A. Lash, D. W. C. Benbow. 



List of Stockholders 

March jist, 



NO. SHARES. 

D. W. C. Benbow, - - - 250 
J. Turner Morehead, . . . 250 
Jno. D. Williams, .... 250 

E. J. Lilly, - - - - - - 200 

R. T. Gray, 50 

A. Y. Stokes, ..... 250 

Eugene Morehead, .... 250 

Julius A. Gray, - 200 

R. Percy Gray, ----- 50 

W. A. Lash, - - - - - 125 

J. M. Worth, - - - - - 125 

J. F. & W. A. Moore, - - - - 125 

W. Fulton & Son, .... 125 

MURCHISON & Co., ----- 250 

Total No. Shares, - - - 2,500 



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in 2011 with funding from 

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http://www.archive.org/details/reportofsecretarytreas 



THE 



North State [niproYomeirt Company, 



Report of the Secretary and Treasurer. 



Greensboro, March 31, 1889. 

To the President and Board of Directors of the 

•North State Improvement Company: 

Gentlemen: — I have the honor to submit herewith, my 
report of the condition of your Company, with statements 
showing in detail the cost to date of the Main Division of the 
Cape Fear & Yadkin Valley Railway, the Western Division, 
the South Carolina Pacific Railway, and the Factory & Madi- 
son Branches, also estimate of cost to complete the Madison 
Branch and estimate for the Wilmington Extension. 

The cost of the main line from the South Carolina State 
line to Mount Airy, as shown in statements Nos. 2 and 3, is 
exclusive of the amount paid for the old road from Fayette- 
ville to Gulf, which, including purchase of State's stock and 
outstanding bonds, and payment of unfunded debt, amounted 
to $267,792.57 ; and is exclusive of freight and hauling done 
by the C. F. & Y. V. Ry., which, charged at regular rates, 
would amount to $204,329.85 ; and is also exclusive of con- 
vict labor to the value of $252,000 paid for in bonds after- 
wards returned by the State. The North State Imp. Co. still 
has a force of about 40 men at work near Walnut Cove on the 
change of grade, which will be completed during the current 
month, and has contracted for new steel rail to replace during 



8 

this Summer the six and one-half miles of old iron still remain- 
ing in the main line. 

Freight and hauling hy the C. F. & Y. V. Ry., for which 
no charge is made under our contract, in the case of the Fac- 
tory Branch amounted to 04,499.36, and, as shown in state- 
ment No. 1, has so far amounted to $13,356.11 for the Madison 
Branch and the Wilmington Extension. 

A cash subscription by the Madison people of SI 5,000 in 
some measure offsets the heavy cost of the Branch to that 
place. 

The estimate of the cost of the Wilmington Extension does 
not allow anything for " general expenses," which, including 
the item of interest and discount, cannot now be approximat- 
ed, but heretofore no inconsiderable part of the expenditures 
of this Company has come under this head. Nor does this 
estimate include any expenditure to secure the facilities 
which the road must have for the transfer of its freight and 
passengers from its tracks on Point Peter to the City of Wil- 
mington. If it should be necessary for the Company to 
purchase a steam tug and lighters for this service, the expen- 
diture would probably amount to twenty or twenty-five 
thousand dollars. The Superintendent of the C. F. & Y. V. 
Ry. reports that his road must have about $85,000 worth of 
equipment in addition to the amount included in this estim- 
ate, which is all this Company has agreed in its contract to 
furnish. We have, however, the Wilmington subscription of 
$150,000 to parti} 7 offset these heavy expenditures. 

The work on the Wilmington Extension is progressing finely 
— the grading is nearly completed, the bridges, trestles, 
masonry, cross-ties and wharves are under contract, the rails 
and fastenings have been purchased, and an advance pay- 
ment of $113,000, drawing interest at 6 per cent., has been 
made on the same, and the road will be completed and in 
operation before the end of the current year. 

Expenditures on this Division to date are as follows : 



Engineering $ 7,496.05 

Graduation 55,774.52 

Right of Way 5,973.28 

Cross-ties 1 4,565.50 

Equipment 67,993.98 

Miscellaneous 13,049.26 



$164,852.59 
Respectfully submitted, 

R. PERCY GRAY, Sechj and Treas. 



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II 



STATEMENT NO. 2. 



COST OF MAIN DIVISION OF THE CAPE FEAR & YAD- 
KIN VALLEY RAILWAY. MARCH 31, 1889. 



GREENSBORO TO SO. CA. STATE LINE — 150 MILES, INCLUDING 

SIDINGS. 



ENGINEERING: 

Salaries $ 6. 802. 3 1 

Equipment 2,919. 18 



CONSTRUCTION: 

Graduation 

Culverts 

Bridges and Trestles 

Right of Way 

Building Sites 

Cross-ties 

Rails 

Fastenings 

Spikes 

Frogs and Switches 

Turn Tables 

Wharves and Landings 

Machine and Car Shops 

Depots, Section-housesand Water stations 

Telegraph Line 

Printing and Stationery 

Store House 

Incidental Expenses 

Cattle Guards and Road Crossings 

Track Laying and Ditching 

Filling Trestles 



EQUIPMENT : 

Locomotives $ 34,345.25 

Passenger Cars ' 14,653.19 

Baggage, Mail and Express Cars | 2,692 96 

Freight Cars , 27,262.60 

Tools and Machinery, &c J 2,885.58 

GENERAL EXPENSES: 

Salaries of Officers !$ 2,050 00 

Expenses General Office 2 57- 57 

Insurance [ 5,916.83 

Interest and Discount ; 255,526.25 

Incidental Expenses j 15,885.81 

Total 



$ 9.721.49 



704,533-ii 



81,839.58 



279,636.46 
$1,075,730.64 



12 



STATEMENT NO. 3. 



COST OF WESTERN DIVISION OF THE CAPE FEAR & 
YADKIN VALLEY RY. MARCH 31, 1889. 



GREENSBORO TO MOUNT AIRY — 73 4-IO MILES, INCLUDING SIDINGS. 



ENGINEERING 



Salaries . . . 
Equipment 



CONSTRUCTION : 

Graduation 

Culverts 

Bridges and Trestles 

Masonry 

Right of Way 

Cross- ties 

Rails 

Fastenings 

Spikes 

Frogs and Switches 

Turn Tables 

Depots, Section-houses and Water-stations 

Telegraph Line 

Printing and Stationery 

Incidental Expenses 

Cattle Guards and Road Crossings 

Track Laying and Ditching 

No. Ca. R. R. Crossing 

Change of Grade 



$ 14,311.56 
2,343 48 



$ 94, 

46, 
18, 

4, 

53, 

223 

1 2 

10, 

2, 

26, 



1, 

18, 

6, 

24. 



644.55 
621.02 
486.50 
202.23 
928.02 
274.42 
548.04 
910.92 
498.16 
485.76 

32793 
01 1.02 
191.40 
123.50 

307- 73 
184.24 
582.99 
777.65 
552.02 



EQUIPMENT: 

Locomotives $ 34,201.52 

Passenger Cars j 7,400.00 

Baggage, Mail and Express 1 2,661.65 

Freight Cars j 36,658 55 

Tools and Machinery j 43. 1 5 

GENERAL EXPENSES: 
Salaries of Officers $ 7,563.00 

653-57 

4,633.91 

67,958. 12 

7,464-37 



Expenses General Office. 

Insurance 

Interest and Discount. 
Incidentel Expenses., 



Total. 



$ 16,655.04 



550,658. 10 



80,964.87 



1 



88,272.97 
$736,55098 



13 



STATEMENT No. 4. 



COST OF THE SOUTH CAROLINA PACIFIC RAILWAY. 



SOUTH CAROLINA STATE LINE TO BENNETTSVILLE— IO^ MILES. 



ENGINEERING: 



Salaries 



CONSTRUCTION: 



Graduation. 
Trestles.. . . 
Cross-ties. . 
Rails 



Fastenings 

Spikes 

Frogs and Switches 

Turn Tables 

Depots, Water Stations and Sec. Houses 

Telegraph Line 

Cattle Guards and Road Crossings 

Track Laying and Ditching 

Amount paid Col. McRae and others for 
changing line south of Maxton 

GENERAL EXPENSES: 

Legal Expenses 



$284 


00 


1,785 

86 


17 

17 


81. 


37 


29,742.49 


i,943-37 

1,582 30 

560.50 


200.00 


557-24 
65.-7 
63.64 


3.593 


H 


4,332 


10 


59-75 







$284 00 



-44,592.66 

59-75 
$44,936.41 



The above shows cost to the North State Improvement Company, 
and is exclusive of the cost of the location of the line, Grading, 
Depots and Cross-ties, which was defrayed by the South Carolina 
Stockholders. 



14 



STATEMENT No. 5. 



COST OF THE FACTORY BRANCH OF THE CAPE FrAR 
AND YADKIN VALLEY RAILWAY— 9 7-10 MILES. 



ENGINEERING: 

Salaries 

Equipment 

CONSTRUCTION : 

Graduation , 

Culverts 

Right of Way 

Cross-ties 

Rails 

Spikes , 

Frogs and Switches 

Depots, Water Stations and Sec. Houses. 

Cattle Guards and Road Crossings 

Track Laying and Ditching 

Incidentals 




266.00 

545-93 

408.70 

7,767.98 

18,153.25 

1, 176.00 

174-35- 

3,428.77 

270.06 

3,952.72 
31-65 



—36,175.41 



$37,486.96 



The cost of grading this Branch, $7,500, was paid by subscrip- 
tions of the Deep River Factories and others benefitted, and is not 
included in the above. 



i5 



STATEMENT No. 6. 



COST OF THE MADISON BRANCH OF THE CAPE FEAR 
AND YADKIN VALLEY RAILWAY. 



STOKESDALE TO MADISON — 1 1. 35 MILES, ICLUDING SIDINGS. 



ENGINEERING 



Salaries 

Equipment 

CONSTRUCTION 

Graduation 

Bridges and Trestles 

Masonry 

Cross-ties 

Rails 



Fastenings 

Spikes , 

Frogs and Switches 

Turn Tables 

Depots, Section Houses and Water Stations 

Telegraph Line , 

Cattle Guards and Road Crossings 

Track Laying and Ditching 



Total expenditures to March 31, 1! 
ESTIMATED TO COMPLETE: 

Bridges and Trestles 

Depots 

Track Laying 



$ 367-5° 
41.38- 



12,039.46 

10,156.22 

9,314.81 

6,952.01 

18,053.08 

33 08 

1,318.64 

240.00 

475.08 

1,349-34 

7.50 

154.72 

3,124.41 



4,000.00 

1,200.00 

200.00 



—63,218.35 



$63,627.23 



— 5,400.00 
$69,027.23 



i6 



STATEMENT No. 7. 



ESTIMATE OF THE COST OF CONSTRUCTING AND 

EQUIPPING THE WILMINGTON EXTENSION 

OF THE CAPE FEAR AND YADKIN 

VALLEY RAILWAY. 



FROM JUNCTION WITH RIVER TRACK AT FAYETTEVILLE TO WHARF 
AT POINT PETER— 8l MILES— INCLUDING SIDINGS 86 MILES. 



340,000 cubic yds. Exc'ation and Embankment, at I2}4c, 
423,000 " ' " " lie. 

850,000 ft. board measure, framed Trestles, at $21 

40,000 " " box Drains, at $10 

7,000 lineal feet Piles, at Black River, at 20c 

38,000 Cross-ties, at 30c 

186,000 " 25c 

82 Cattle Guards, at $10. ... 

82 Road Crossings, at $2 

2, 100 lineal feet Pile Trestlins', at $4 

100 " Wooden Bridges, at $10 

Water Tanks, Piping and Wells 

6,700 lineal ft. Pile Trestling near Wilmington, at $4. 

Property in Wilmington and on Point Peter 

Right of Way 

30 sets Switch-ties, at $40 

1 Turn Table 

2,500 cub. yds. Masonry, at Cape Fear River, at $9. 25. 

1,000 bbls. Cement, at $[.40 

Foundations at Cape Fear River 

680 lineal ft. Iron Bridge, at Cape Fear River 

125 " " " at Black River, and foundations 

8 Warehouses, at $1,260 

8 Section Houses, at $1,400 

Wharf and Warehouse on Point Peter 

Frogs and Switches 

Crossing at C. C. & W. C. & A. Railroads 

6,757 tons Steel Rails, at $29.25, delivered 

588,240 lbs. Fish Plates, at $1.75 " 

100,000 " Bolts, at $2.70 " 

2,600 kegs Spikes, at $1.88 " 

86 miles Track Laying, at $250 

Contingencies 

Engineering 

Equipment 



$42,500.00 

46,530.00 

17,850 00 

400.00 

1,400.00 

1 1,400.00 

46,500.00 

820.00 

164 00 

8,400.00 

1,000.00 

2,500.00 

26,800 00 

46,500.00 

6,000 00 

1,200.00 

2,500.00 

23,125.00 

1,400.00 

3,700 00 

44.560.00 

10,800.00 

10,080.00 

1 1,200.00 

20. 000. 00 

2,048.00 

500.00 

197,642.25 

10,294.20 

2, 7c 0.00 

9.776 00 

21,500.00 

16,210.55 

12,000.00 

140,000.00 

£800.000.00